May9,2012

Congressman Adam Smith (WA-09) made the following statement on the reauthorization of the Export-Import Bank:

"I’m pleased my colleagues were able to reach an agreement to reauthorize and raise the lending limits for the Export-Import Bank of the United States (Ex-Im). Ex-Im provides critical financing to promote American exports and keeps them competitive within the global marketplace. Providing American manufacturers the resources they need to meet demand for U.S. exports is one of our top priorities for putting our economy back on track – nearly 95 percent of the world’s consumers live outside the U.S. Extending support to the Ex-Im Bank is critical to maintaining and creating jobs in Washington State and around the country. Ex-Im lending supports exporters in aerospace, clean technology, global health, wine, and other agricultural industries.

"Over the past three years, the Ex-Im Bank has provided more than $30 billion in disbursements to Washington State and more than $11 billion in capital to businesses in the 9th District. And, the majority of companies receiving loans were small businesses. These loans have supported more than $68 billion in export sales in our state and have helped our local businesses complete transactions, create and sustain jobs that are vital to the health of our local and national economies."